Indian and South Korean business relationships have been strengthening over the years. This has led to a number of Indian and South Korean companies signing MOUs or entering into joint ventures. IFFCO, which is one of the largest fertilizer producers in India, recently entered into strategic partnership with two of the biggest firms in South Korea, which are LS Mtron Ltd, an agricultural equipment maker, and NH Capital Co. Ltd.
How Will the MOUs Help IFFCO?
IFFCO has varied interests, ranging from the fertilizer industry to finance. The MOU signed with LS Mtron will provide IFFCO access to the latest technology. The South Korean firm manufactures agricultural equipment. The technology sharing between the firms will help Indian farmers increase their productivity, both qualitatively and quantitatively. As per IFFCO MD Dr Awasthi, the MOU with NH Capital, which is the third biggest financial group in South Korea, has been signed with an intention of making credit available to Indian farmers.
The signing of the MOUs took place at IFFCO’s headquarters in Delhi. The South Korean team arrived at the venue straight after attending the Business Forum meeting, which took place in the presence of the Indian Prime Minister, Narendra Modi, and the South Korean President, Moon Jae-in.
US Awasthi, IFFCO MD, who stays in contact with his followers through twitter, sent out this message through his handle
“#IFFCO, #LSMtron & #NHCapital would explore business opportunities involving supply, sales & distribution of Agricultural Machineries and finance for the #farmers in India. A step in line with the vision of our PM @narendramodi to bolster economic ties amongst India & South Korea.”
In another twitter post, IFFCO MD US Awasthi wrote about how IFFCO is renowned for expanding its business interests beyond fertilisers and venturing into other sectors, such as the credit sector with its division, IFFCO Tokio. The expansion of IFFCO beyond the chemical fertiliser industry and looking for partners to venture into new fields with, such as farm machinery and agri-credit sector, is applauded by both the industry and the farmers.